Will I owe taxes next year if I withdrawal some money from my 401k plan?

[tinarx317]

I want to withdrawal some money from my 401k plan. Will I have to pay taxes on it next year when I file?

[MayaD]

Yes, any withdrawals you take from your 401(k) in retirement will be taxed at your ordinary income tax rate. You must also pay a 10% penalty on the amount withdrawn if you're under the age of 59½ unless an exception applies.